US stocks drop after disappointing jobs, trade data

US stocks drop after disappointing jobs, trade data

NEW YORK - Wall Street stocks Wednesday opened lower following data that showed slower US jobs growth and an unexpectedly wider trade deficit.

Five minutes into trade, the Dow Jones Industrial Average declined 16.31 points (0.10 per cent) to 16,706.03.

The broad-based S&P 500 dropped 3.06 (0.16 per cent) to 1,9421.18, while the tech-rich Nasdaq Composite Index fell 9.28 (0.22 per cent) to 4,224.80.

Payrolls company ADP said the US private sector added 179,000 new jobs in May, a drop of 36,000 from April and the lowest number in four months.

The Commerce Department reported that the US trade deficit swelled 6.9 per cent to $47.2 billion in April, much bigger than the 2.2 per cent increase projected by analysts.

Investors are also looking ahead to the release at 2:00 pm (1800 GMT) of the Federal Reserve's Beige Book report on economic conditions across the country.

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